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UNISuper League shareholders approve Metaplanet's 2,100 BTC investment
Super League Enterprise investors backed Metaplanet's plan to inject 2,100 BTC and $2.5m in cash, clearing the way for the gaming company to become the Japanese firm's US Bitcoin treasury platform.
Why it matters: The deal would add another Nasdaq-listed Bitcoin treasury company, backed by the world's second-largest corporate holder, and shows listed firms using stock and cash to build BTC reserves.
Key points
- Shareholders approved every proposal tied to the deal at the 16 Oct annual meeting, Bitcoin.com News reports.
- Metaplanet receives 44,859,400 common shares at $3 each plus warrants covering up to 381 million more shares.
- The 2,100 BTC was worth about $132m at the 14 Aug reference price and about $170m by 16 Oct.
Super League Enterprise shareholders have approved Metaplanet's proposed 2,100 BTC and $2.5m investment, the company said, clearing the way for the gaming advertiser to become the Japanese firm's US Bitcoin treasury platform. Every proposal tied to the agreement, first announced on 18 Aug, passed at the annual meeting on 16 Oct, according to Bitcoin.com News.
The Bitcoin was worth roughly $132m when the deal's reference price was set on 14 Aug, and about $170m by the time of the vote, a difference of some $37.9m before closing.
Once completed, Super League is to become Superplanet Inc., trading on Nasdaq as SUPA. The companies expect to close in the fourth quarter, subject to customary conditions and required Nasdaq filings. Super League shares closed 6.9% higher on the news.
Metaplanet, led by Simon Gerovich, grew out of budget hotels hit by COVID-19 and adopted Bitcoin as its main treasury asset in April 2024, holding 44,000 BTC by 30 Sept 2026, making it the second-largest publicly traded corporate holder.
Live updates on NewsFeeds:BitcoinDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
How this was produced: an AI model wrote this summary of Bitcoin.com News’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.
Not investment advice. Read the risk disclaimer.